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Financing Fundamentals

If you are planning on starting a new business or hoping to grow the business you currently own, there is a very good chance you’ll need some type of funding to get to next steps. There are many financing options available, but before you leap into the land of lending, take some time to research the following questions:

How Much Money Do I Need to Start?

No two businesses are exactly alike. Even in a franchise business, the money needed for startup funds can vary from location to location. Before you can begin to look at financing sources, it’s important that you understand what your financial needs will be. This might include ‘seed’ money, to help cover the costs of doing business in the first few months of operation, as well as funds to cover ongoing fixed expenses (rent, utilities, administrative costs, etc.) and variable expenses (inventory, shipping costs, sales commissions, etc.). Here are some tools to help identify your financial needs:

What Does My Financial World Look Like?

Just like no two businesses are alike, no two businesses will have identical financing needs. The money you might need as a startup business may be different from what a more established business will use. Are you a retail business? A manufacturing company? The type of industry sector your business is in might also affect the type of financing you can use. The more you understand about your industry and current financial needs, the easier it will be to identify the programs that make the best fit. Finding answers to a few key questions will help you begin down the financing path.

What Financing Programs Are Available?

Now that you’ve taken some time to get a better picture of your financial needs, the next step is finding out what financing opportunities might work best for your business. There are many types of loans you may qualify for, or you may decide to borrow from people you know.

Below are links to some local resource organizations that provide financial resources for Baltimore area entrepreneurs:

Still have questions? Of course, if you have questions on financing options and would like to visit with someone, call us at 410-984-3337. We can answer your questions and connect you to the resources you need.